EU-IMF Agree to Disburse € 8.5 Billion Bailout Fund to Greece

Eurogroup head Jeroen Dijsselbloem has announced that the 19-country bloc and IMF have agreed to disburse € 8.5 billion (over US$ 9.5 billion) as bailout fund for the debt-burdened Greece, which has sought to become a normal country again. The agreed upon fund will be disbursed in coming July 2017 after the deal is ratified by the European parliament. Per the deal, € 7.4 billion (over US$ 82 billion) will be disbursed initially so that Greece can honor debt repayments (mostly to the European Central Bank) that are due for maturity. Rest of the fund will be released once the creditors are satisfied that Greece has complied with the suggested reforms.